Wednesday, January 8, 2020

Group Working on Lone Star Brewery Redevelopment Files for Bankruptcy Protection

Posted By on Wed, Jan 8, 2020 at 1:55 PM

click to enlarge The former Lone Star Brewery has changed hands several times since ceasing operation in 1996. - MICHAEL BARAJAS
  • Michael Barajas
  • The former Lone Star Brewery has changed hands several times since ceasing operation in 1996.
The redevelopment of San Antonio's long-shuttered Lone Star Brewery has been dealt another setback.

The owner of the near-Southtown property, Lone Star Brewery Development Inc., filed for Chapter 11 bankruptcy reorganization this week — a move that appears to have halted a pending foreclosure auction.

In its Chapter 11 filing, LSBD — a subsidiary of Houston's Parkview Capital Credit — lists liabilities of $27 million, much of that owed to creditors BridgeInvest and Princeton Capital Corp.

The brewery property itself is valued at $30 million, according to court documents. The ownership company lists just $30 in its bank account.

Developers have made several unsuccessful runs at turning the facility — which stopped beer production in 1996 — into a mixed-use development akin to the Pearl.

Parkview purchased the 35-acre site in 2017 with plans for a $300 million overhaul. However, that deal fell apart after one of its partners withdrew.

In December, a fire caused extensive damage to one of the buildings on the property.

Stay on top of San Antonio news and views. Sign up for our Weekly Headlines Newsletter.

Tags: , , , , , , , , , ,

We’re keeping you informed…
...and it’s what we love to do. From local politics and culture to national news that hits close to home, San Antonio Current has been keeping San Antonio informed for years.

It’s never been more important to support local news sources. A free press means accountability and a well-informed public, and we want to keep our unique and independent reporting available for many, many years to come.

If quality journalism is important to you, please consider a donation to San Antonio Current. Every reader contribution is valuable and so appreciated, and goes directly to support our coverage of critical issues and neighborhood culture. Thank you.



Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

© 2020 San Antonio Current

Website powered by Foundation